basically, you fill it.. you can turn it a few times to make certain the mech's are lubed, but most folks figure priming is basically filling it and giving it a few twirls so there is some residual oil in the mechanism, and it picks up pressure easier/quicker.. it DOES run dry for a couple seconds otherwise..

edited to add:

re: crank concerns- builders lube, dude.. use a lot of it.. especially on the bearings and caps... and the cam- don't forget loading the cam down with it.. new engines gotta have- not a like, a must.. also a must: get it out of there after no more than 500 miles by simply changing the oil.. it's also a good idea to stick a magnet tipped probe in the crankcase to poke around for shavings, and that only if you don't feel like dropping the pan..

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